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IMMEDIATE ANNUITY QUOTE

Guaranteed Income That Starts Now

Convert your savings into dependable payments for life or a set period, starting almost immediately.

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What Is an Immediate Annuity?

An immediate annuity, or single premium immediate annuity (SPIA), is part of the income annuities category. It provides guaranteed income, for life or a chosen period, after a single lump-sum payment.  It’s simple, predictable, and built to turn a portion of your savings into consistent payments you can count on in retirement. Key benefits include:

Guaranteed Income1

Start receiving regular income payments within 12 months of purchase — for life or a set time.

Lifetime or Fixed Payments

Choose income that lasts as long as you live or for a specific number of years.

Simplicity

One payment, one decision — and guaranteed income begins right away.

Predictable Budgeting

Know exactly how much income you’ll receive and when, making it easier to plan monthly expenses.

Tax Efficiency

If purchased with after-tax money, only part of each payment is taxable, since the rest is a return of your original investment.

Beneficiary Options

Choose payout options that can continue income to a spouse or loved one after your death.
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How An Immediate Annuity Contract Works

An immediate annuity turns a lump-sum payment into guaranteed income that starts within a year. The insurance company manages your funds and guarantees payments for the period you choose. Your quote depends on age, payout type, premium amount, and current rates. Choices are usually locked in after purchase, so design them to fit your plan.

  1. Fund the Annuity: You make one lump-sum payment to the insurance company, usually with savings or retirement funds.
  2. Select Your Payment: Type Choose how long payments last — for life, for you and a spouse, or for a specific number of years.
  3. Insurer Manages the Contract: The insurer invests your payment and guarantees to send income on the schedule you select.
  4. Receive Payments: Payments begin within 12 months and continue as agreed. You can choose monthly, quarterly, or annual payments.
  5. Access To Funds: Because payments begin right away, access to your original premium is limited. Once payments start, the contract typically can’t be reversed.
  6. Provide for Loved Ones: You can choose options that continue payments to a spouse or beneficiary after your death.

Want a deeper dive? Read our full guide:   What is an Immediate Annuity?

WSFG Retirement Annuities Immediate Annuity Why WS

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Financial Strength

High ratings reflect stability you can count on
established 1888

Trusted for Over 135 Years

Helping families protect their future since 1888

Serving Millions Nationwide

Trusted by families across the 50 states

Is an Immediate Annuity Right for You?

An immediate annuity, or immediate income annuity, is designed for people who want guaranteed income that starts right away. It provides dependable payments, simplicity, and financial stability from the very first month.

Below are examples of who might benefit from an immediate annuity:

Retired man reading on couch

New Retiree

Has a lump sum from savings or a 401(k) and wants to turn it into predictable monthly income now.
Retired couple researching annuities online

Pension Replacement

Wants a steady income stream to supplement or replace an employer pension.
Woman reading about retirement income options

Income Bridge Planner

Needs guaranteed income to cover expenses until Social Security or other benefits begin.
Man looking up how to buy insurance on his phone

Budget-Focused Saver

Needs guaranteed income to cover expenses until Social Security or other benefits begin.
Wife hugging her husband

Spousal Protector

Wants to ensure income continues for a spouse if one partner passes away.

An immediate annuity provides guaranteed, reliable income with simple setup and lasting stability. It’s built for retirees who want predictable income they can depend on from the very start.

Not sure which income annuity is right for you? Explore all types of income annuities.

Frequently Asked Questions

What is an immediate income annuity and how does it work?
You pay a lump sum to an insurance company, and income starts right away, usually within 12 months. Payments can last for life or for a set period, turning your savings into a reliable retirement paycheck.

How are SPIA payments or rates calculated?
Payments depend on your age, gender, payout option, premium amount, and current interest rates. Older buyers or those who select life-only income generally receive higher payments.

Can I add inflation protection to an immediate annuity?
Many immediate annuities offer an inflation option that increases payments annually by a fixed percentage, such as 1-3%. Starting payments will be lower if you choose this feature, but income can rise over time.

What are the pros and cons of an immediate annuity?
Pros include guaranteed income, simplicity, and protection against outliving your savings. Cons include limited liquidity and fixed payments that may lose buying power over time. Consider your financial goals before purchasing.

What happens after I buy a single premium immediate annuity?
You’ll receive a contract with your income schedule and start date. The first payment is sent by direct deposit or check, and you’ll receive annual tax forms for reporting your annuity income.

Can I change or cash out a SPIA later?
Generally, no. Once purchased, the income stream and contract terms are fixed. Some SPIAs include refund or period-certain features to protect beneficiaries, but liquidity is limited.

How do joint-life options work on a SPIA?
A joint-life annuity covers two people and continues income for the survivor. You can choose 100%, 75%, or 50% of the payment to continue to the survivor. Higher survivor percentages typically reduce the initial payment amount.
IMPORTANT DISCLOSURES

1 Payment of benefits under the annuity contract is the obligation of, and is guaranteed by, the issuing company. Guarantees are based upon the claims paying ability of the issuer. Products are backed by the full financial strength of the issuing company.

An annuity is a long-term financial vehicle designed for retirement. An insurance company accepts premiums and provides future income or a lump-sum amount to the contract owner by contractual agreement.

Annuities are issued by Integrity Life Insurance Company and Western-Southern Life Assurance Company, both in Cincinnati, Ohio. Securities offered through W&S Brokerage Services, Inc., member FINRA / SIPC. All companies are members of the Western & Southern Financial Group.

Earnings and pre-tax payments are subject to income tax at withdrawal. Withdrawals may be subject to charges. Withdrawals from an annuity are subject to ordinary income tax, and, if taken before age 59 ½ may be subject to 10% IRS penalty.